By Shaun Murphy-
The Ricketts family-led consortium has withdrawn its bid to buy Chelsea football club.
The Ricketts family, who own the Chicago Cubs baseball team, had partnered with US billionaires Ken Griffin and Dan Gilbert and were planning to submit a bid for Chelsea club. Members of the consortium understood to have been unable to agree on the final make up of the deal.
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However, those plans have now ended, with members of the consortium understood to have been unable to agree on the final make up of the deal.
On Friday, the Ricketts family confirmed they would not be submitting a final bid with the consortium members understood to be unable to agree the final composition of their offer.
Cubs owners Tom and Laura Ricketts had partnered with US billionaires Ken Griffin and Dan Gilbert on a cash-only bid to buy the Blues.
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Final bids were due to be submitted to New York merchant bank the Raine Group on Thursday, but the Ricketts-led group has now withdrawn its candidacy.
“The Ricketts-Griffin-Gilbert group has decided, after careful consideration, not to submit a final bid for Chelsea FC,”read a Ricketts family statement.
“In the process of finalising the proposal, it became increasingly clear that certain issues could not be addressed given the unusual dynamics around the sales process.
“We have great admiration for Chelsea and its fans, and we wish the new owners well.”
There were concerns over the bid after it emerged that the family’s patriarch, Joe Ricketts, was accused of Islamophobia three years ago, while the Chelsea Supporters’ Trust (CST) said it opposed the group.
It is understood the decision to withdraw is not related to the backlash from fans, but because the three parties involved could not come to an agreement on the terms of the deal.
The Ricketts bid was unpopular among many Chelsea fans due to discriminatory emails sent by Joe Ricketts, the family’s patriarch, in 2019, and some had staged a demonstration at Stamford Bridge before the defeat to Brentford earlier this month.
Chelsea fans protest outside the ground against the potential sale of the club to the Ricketts family
The club has been for sale since March 2 after Roman Abramovich, the Russian-Israeli billionaire who has owned Chelsea since 2003, announced his intention to sell amid Russia’s invasion of Ukraine.
The 55-year-old was then sanctioned by the UK government on March 10, with Downing Street claiming to have proven his links to Vladimir Putin, the Russian president.
The club has been for sale since March 2 after Roman Abramovich, the Russian-Israeli billionaire who has owned Chelsea since 2003, announced his intention to sell amid Russia’s invasion of Ukraine.
The 55-year-old was then sanctioned by the UK government on March 10, with Downing Street claiming to have proven his links to Vladimir Putin, the Russian president.
Abramovich’s UK assets were frozen by the Uk government sanctions because of his ties to Russian president, Vladmimir Putin, but Chelsea club was granted a special government license to continue operating, though under strict terms.
Abramovich put the club up for sale before he was sanctioned for his alleged links to Russian president Vladimir Putin following the invasion of Ukraine.
The Russian oligarch is prohibited from profiting from Chelsea’s sale and has already vowed to write off the club’s £1.5billion debt.
The initial date for final offers for the Stamford Bridge side had been Monday, 11 April, but was then pushed back three days to Thursday.
The remaining bidders are a consortium led by Los Angeles Dodgers co-owner Todd Boehly, a British bid led by Sir Martin Broughton and one led by co-owner of the Boston Celtics Stephen Pagliuca.
American investment firm Raine Group has been tasked with selling Chelsea and the UK government is expected to issue a new licence, allowing the club to be sold once a preferred buyer has been identified.
The eventual sale must be signed off by the bidder passing the Premier League’s owners’ and directors’ test.
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